Oil Tax Evasion allegations have surfaced in Pakistan after thousands of metric tons of imported petrol reportedly disappeared from a customs bonded warehouse, prompting an investigation into an estimated Rs1.25 billion loss to the national exchequer.
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According to official documents, a private petroleum company allegedly removed imported petrol worth Rs2.38 billion from a customs bonded warehouse without completing the required tax and duty procedures.
Authorities uncovered the alleged irregularities while examining the company’s imported petroleum consignments. They later carried out a physical inspection at the customs bonded warehouse at Bin Qasim Port.
Inspection reveals major stock discrepancy
The documents state that the company imported 18,048 metric tons of petrol through three consignments.
However, inspectors found only 9,699 metric tons of petrol during the warehouse inspection.
As a result, authorities reported that 8,348 metric tons of petrol were missing from the company’s inventory.
Investigation continues
Officials have launched an investigation into the alleged tax evasion case.
They have also requested records from PEPCO as part of the inquiry to determine how the discrepancy occurred.
Meanwhile, the case follows another major petroleum tax evasion investigation in which the Federal Board of Revenue (FBR) recovered nearly Rs5 billion from a separate petroleum company.
